Engineers Gate Manager LP Acquires 104,353 Shares of Freeport-McMoRan Inc. $FCX

Engineers Gate Manager LP raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 16.7% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 730,602 shares of the natural resource company’s stock after acquiring an additional 104,353 shares during the quarter. Engineers Gate Manager LP’s holdings in Freeport-McMoRan were worth $37,107,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Kemnay Advisory Services Inc. bought a new position in Freeport-McMoRan in the 4th quarter valued at $29,000. Kohmann Bosshard Financial Services LLC bought a new position in Freeport-McMoRan in the 4th quarter valued at $38,000. Modus Advisors LLC bought a new position in Freeport-McMoRan in the 4th quarter valued at $40,000. Key Financial Inc grew its position in Freeport-McMoRan by 32.3% in the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after acquiring an additional 202 shares during the last quarter. Finally, JPL Wealth Management LLC bought a new position in Freeport-McMoRan in the 3rd quarter valued at $33,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $68.95 on Thursday. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28. The stock has a market capitalization of $99.12 billion, a price-to-earnings ratio of 36.67, a P/E/G ratio of 0.86 and a beta of 1.35. The stock has a fifty day simple moving average of $64.74 and a two-hundred day simple moving average of $59.77. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.24 EPS. On average, analysts predict that Freeport-McMoRan Inc. will post 2.51 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio is 15.96%.

Analysts Set New Price Targets

Several equities analysts have commented on FCX shares. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Raymond James Financial cut their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. Scotiabank upped their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research report on Monday. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Finally, Barclays began coverage on Freeport-McMoRan in a report on Thursday, May 21st. They issued an “overweight” rating and a $77.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.31.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.